Tim Hardaway Jr. proved plenty of doubters wrong two weeks ago when the New York Knicks selected him in the first round of the 2013 NBA draft.

And now, his bank account is reaping the benefits.

The former Michigan shooting guard signed a four-year, $6.1 million deal with the Knicks on Monday, according to ESPN.com's Ian Begley.

Hardaway was selected with the No. 24 pick in the 2013 draft. His rookie contract is said to be "standard" for his draft range. Rookie contracts typically include two years guaranteed, with a team option for years three and four.

If teams pick up years three and four of a player's rookie deal, they then have the opportunity to make the player a restricted free agent after his fourth season by signing the player to a qualifying offer. Which, according to a rookie pay scale, should be roughly $2.8 million.

Hardaway signed his contract two days after former teammate Trey Burke (No. 9 overall), who signed a max rookie deal with the Utah Jazz on Saturday.